Enterprises face significant challenges in managing the vast amounts of data received through forms. Traditional manual processing methods are not only inefficient but also prone to errors. The Parashift IDP Platform emerges as a digital solution, automating the extraction and processing of data from forms using advanced AI technologies.
The Parashift IDP Platform is built upon advanced AI, ML, and OCR technologies, structured to enhance document processing efficiency and accuracy. Here’s a detailed look at its core functionalities:
Document Ingestion and Separation
- Ingestion: The platform ingests documents from various sources, such as email, scanners, and cloud storage, serving as the initial step in the document processing journey.
- Separation: After ingestion, the Parashift IDP Platform employs sophisticated algorithms to separate individual documents if they are batched together. This process is crucial for handling multiple documents submitted in a single file or stream, ensuring that each document is processed individually. The separation is based on page layouts, unique identifiers, or predefined separators within the documents.
Document Classification
Once documents are separated, the platform classifies them into predefined categories, such as invoices, applications, or contracts. This classification is powered by AI algorithms that analyze document features, layout, and textual content to accurately identify the document type. This step is vital for understanding the context and determining the specific processing rules and workflows each document type requires.
AI Data Extraction
With the documents neatly classified, the AI algorithms embark on the task of extracting pertinent data from the forms. This crucial phase involves the identification and interpretation of various fields and data points tailored to the document type, such as names, dates, amounts, among others. The extraction process is designed to meticulously capture the specific information required from each document, ensuring comprehensive data retrieval.
This extraction phase is bolstered by two pivotal technologies:
- OCR Technology: Optical Character Recognition (OCR) technology is employed to transmute images of text into machine-readable text. This conversion is essential, as it permits the AI to perform an in-depth analysis and precise extraction of information contained within the documents.
- Document Swarm Learning Technology®: A distinctive feature of the Parashift IDP Platform is its use of Document Swarm Learning Technology®. This innovative approach enables the platform to leverage collective intelligence derived from the processing of numerous documents across different clients while maintaining stringent data privacy and security standards. As documents are processed, the system learns from each interaction, continually enhancing its ability to recognize and extract data with greater accuracy and speed.
Validation
After the AI-driven data extraction phase, the Parashift IDP Platform conducts a thorough validation of the extracted information to guarantee its accuracy and completeness. This critical step involves several layers of verification:
- Cross-Referencing: Initially, the platform uses automated processes to cross-reference the extracted data against predefined rules, databases, or other relevant documents. This step ensures that the information aligns with known patterns and expectations, enhancing the reliability of the data.
- Human in the Loop: Parashift incorporates a human-in-the-loop approach to further refine the validation process. This collaborative effort between human expertise and machine efficiency allows for an additional layer of verification, particularly in cases where the data might be ambiguous or where different levels of precision confidences are present. Human validators are presented with prediction candidates, enabling them to quickly review and confirm the accuracy of the data extracted by the AI.
The platform recognizes that not all data extracted will have the same level of confidence. By identifying different levels of precision confidences, it enables a more nuanced validation process. Data with lower confidence scores undergoes closer scrutiny, often involving human validators who can assess and confirm the veracity of the information.
A significant feature of this human-in-the-loop process is the ability for human validators to bulk-validate line items. This efficiency measure allows for the rapid confirmation of multiple data points at once, streamlining the validation process while maintaining high standards of accuracy.
Integration
Following the rigorous validation process, which ensures the data’s accuracy and completeness, the Parashift IDP Platform prepares the validated data for integration into enterprise systems through a crucial step: JSON conversion.
- JSON Conversion: The platform converts the validated data into JSON (JavaScript Object Notation) format, a lightweight data interchange format that is easy for humans to read and write and for machines to parse and generate. This conversion is pivotal because JSON is widely used in data exchange between servers and web applications, making it an ideal format for ensuring compatibility and seamless integration.
- Seamless Data Flow into Enterprise Systems: The JSON-formatted data is then integrated into the enterprise’s workflow systems, databases, and applications. This standardization in format ensures that the data can be effortlessly consumed by various systems, enhancing interoperability and reducing integration complexities. It facilitates immediate use and further processing of the data, allowing enterprises to quickly leverage the information extracted and validated by the Parashift IDP Platform.
Focus on Form Processing
While the Parashift IDP Platform is capable of handling a wide range of business documents, its approach to form processing is particularly noteworthy. Here’s a step-by-step breakdown:
- Form Recognition: The platform first recognizes the form type, whether it’s an invoice, application, survey, or another format.
- Field Identification: It then identifies specific fields within the forms, such as names, dates, amounts, and other pertinent information.
- Information Extraction: Using AI, the platform extracts the data from these fields, accurately capturing the required information.
- Contextual Analysis: The extracted data undergoes a contextual analysis to ensure that the information is correctly interpreted in relation to the form’s purpose.
- Data Integration: The processed data is made ready for integration into the enterprise’s workflow systems, facilitating immediate use and action.
The Parashift IDP Platform is engineered with scalability in mind, specifically designed to support the complex and voluminous document processing needs of large enterprises. Its cloud-based infrastructure ensures robust processing capabilities, meeting the demands of high-volume, dynamic business environments without compromising on efficiency or security.
Advanced Security Measures
Data security is paramount at Parashift.
Parashift operates in full compliance with the EU General Data Protection Regulation (EU-GDPR), ensuring that all data processing activities adhere to the principles and requirements set forth by the regulation.
Parashift prioritizes the protection of personal data, respect individuals’ rights, implement appropriate security measures, conduct necessary assessments, and maintain documentation in accordance with the EU-DSGVO.
Its commitment to data privacy and protection enables us to provide a trustworthy and compliant environment for our customers and stakeholders.
Key Advantages for Enterprises
Leveraging the Parashift IDP Platform brings several key advantages:
- Increased efficiency and accuracy: Automated form processing significantly reduces manual effort while improving data accuracy.
- Cost reduction: Automation leads to cost savings by streamlining operations and reducing the need for manual data entry.
- Enhanced data security: With advanced security protocols, enterprises can trust in the protection of their sensitive information.
- Improved decision making: Accurate and timely data extraction supports better business intelligence and informed decision-making.
In summary, the Parashift IDP Platform provides a comprehensive solution for automating all business documents, including form processing, within large enterprises. By integrating advanced AI technologies with a focus on security and scalability, it addresses the complex challenges of document management, offering a path towards increased operational efficiency and strategic data utilization.
